The transactions of Spade Company appear below. a. K. Spade, owner, invested $12,750 cash in the company in exchange for common stock. b. The company purchased supplies for $370 cash. c. The company purchased $7,051 of equipment on credit. d. The company received $1,505 cash for services provided to a customer. e. The company paid $7,051 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $2,703 for services provided. g. The company paid $515 cash for the monthly rent. h. The company collected $1,135 cash as partial payment for the account receivable created in transaction f. i. The company paid a $1,200 cash dividend to the owner (sole shareholder). Prepare the Trial Balance. Use May 31 as its report date. Note: Hint: Accounts must be listed in financial statement order: Assets first, followed by liabilities, equity, revenues and expenses.
The transactions of Spade Company appear below. a. K. Spade, owner, invested $12,750 cash in the company in exchange for common stock. b. The company purchased supplies for $370 cash. c. The company purchased $7,051 of equipment on credit. d. The company received $1,505 cash for services provided to a customer. e. The company paid $7,051 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $2,703 for services provided. g. The company paid $515 cash for the monthly rent. h. The company collected $1,135 cash as partial payment for the account receivable created in transaction f. i. The company paid a $1,200 cash dividend to the owner (sole shareholder). Prepare the Trial Balance. Use May 31 as its report date. Note: Hint: Accounts must be listed in financial statement order: Assets first, followed by liabilities, equity, revenues and expenses.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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[The following information applies to the questions displayed below.]
The transactions of Spade Company appear below.
a. K. Spade, owner, invested $12,750 cash in the company in exchange for common stock.
b. The company purchased supplies for $370 cash.
c. The company purchased $7,051 of equipment on credit.
d. The company received $1,505 cash for services provided to a customer.
e. The company paid $7,051 cash to settle the payable for the equipment purchased in transaction c.
f. The company billed a customer $2,703 for services provided.
g. The company paid $515 cash for the monthly rent.
h. The company collected $1,135 cash as partial payment for the account receivable created in transaction f.
i. The company paid a $1,200 cash dividend to the owner (sole shareholder).
Prepare the Trial Balance. Use May 31 as its report date.
Note: Hint: Accounts must be listed in financial statement order: Assets first, followed by liabilities, equity, revenues and
expenses.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa3a99062-7ae8-49a7-a6d6-d4c04c764881%2F089779de-bf5d-4543-9952-d0466ec67772%2F4fq8bwd_processed.jpeg&w=3840&q=75)
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Required information
[The following information applies to the questions displayed below.]
The transactions of Spade Company appear below.
a. K. Spade, owner, invested $12,750 cash in the company in exchange for common stock.
b. The company purchased supplies for $370 cash.
c. The company purchased $7,051 of equipment on credit.
d. The company received $1,505 cash for services provided to a customer.
e. The company paid $7,051 cash to settle the payable for the equipment purchased in transaction c.
f. The company billed a customer $2,703 for services provided.
g. The company paid $515 cash for the monthly rent.
h. The company collected $1,135 cash as partial payment for the account receivable created in transaction f.
i. The company paid a $1,200 cash dividend to the owner (sole shareholder).
Prepare the Trial Balance. Use May 31 as its report date.
Note: Hint: Accounts must be listed in financial statement order: Assets first, followed by liabilities, equity, revenues and
expenses.
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